CECO Environmental: Q4 & Full Year 2010 Results

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CECO Environmental Corp., a leading provider of industrial ventilation and pollution control systems, today announced fourth quarter and full year financial results for the period ended December 31, 2010.

Financial highlights for the fourth quarter of 2010 compared to the fourth quarter of 2009 include:

Net sales from continuing operations were $36.9 million in 2010 as compared to $36.6 million in 2009;


Gross profit from continuing operations was $8.5 million in 2010 as compared to $7.8 million in 2009;


Gross margin increased by 1.6 percentage points to 23.0% in 2010 from 21.4% in 2009;


Selling and administrative expenses in 2010 decreased by $0.4 million to $6.7 million as compared to $7.1 million in 2009;


Operating income from continuing operations was $1.4 million in 2010 as compared to an operating loss of $16.5 million in 2009.  The non-GAAP adjusted operating income in 2009, excluding the goodwill impairment charge of $17.1 million, was $0.6 million;  


Operating margin increased to 3.9% in 2010 compared to less than 1.0% non-GAAP operating margin in 2009 (excluding goodwill impairment charges);


Net income was $0.7 million in 2010 as compared to a net loss of $14.1 million in 2009.  Excluding the goodwill adjustment, the non-GAAP adjusted net income in 2009 was $0.2 million;


Net income per diluted share was $0.05 in 2010 as compared to a net loss per diluted share of $0.97 in 2009.  Excluding the goodwill impairment adjustment, non-GAAP adjusted net income per share in 2009 would have been $0.02 per share; and


Bank debt at December 31, 2010 was zero and cash and cash equivalents was $5.8 million.


Our backlog as of December 31, 2010 was $54.3 million compared to $66.5 million as of December 31, 2009.  This decline is due in large part as a result of the strategic initiative implemented in 2010 to focus on higher margin backlog with shorter cycles which will generate higher gross margins than previous years.



Financial highlights for the twelve months ended December 31, 2010 compared to twelve months ended December 31, 2009 include:

Net sales from continuing operations were $140.6 million in 2010 as compared to $139.0 million in 2009;


Gross profit from continuing operations was $32.7 million in 2010 as compared to $30.9 million in 2009;


Gross margin was 23.2% in 2010 compared to a gross margin in 2009 of 22.3%


Selling and administrative expenses in 2010 decreased by $1.4 million to $27.5 million as compared to $28.9 million in 2009;


Operating income from continuing operations was $5.0 million in 2010 as compared to an operating loss of $15.8 million in 2009. The non-GAAP adjusted operating income in 2009, excluding the goodwill impairment charge of $17.1 million, was $1.3 million;


Operating margin in 2010 was 3.6% compared to less than 1.0% in 2009;


Net income was $2.1 million in 2010 as compared to a net loss of $15.0 million in 2009.  Excluding the goodwill impairment adjustment, non-GAAP adjusted net loss in 2009 was $0.7 million; and


Net income per diluted share was $0.15 in 2010 as compared to a net loss per diluted share of $1.06 in 2009.   Excluding the goodwill impairment adjustment, the non-GAAP adjusted loss per diluted share in 2009 was $0.05.



"We are very pleased with the operational excellence, streamlining and global sales expansion that was realized in 2010.  CECO today is a leaner, stronger and more global company than a year ago and we look forward to continued growth in revenue, operating income and cash flow generation," commented Jeff Lang, CECO's Chief Executive Officer.   "We've successfully optimized and pruned the overall asset portfolio and while our base is a little smaller entering 2011, our operating income and gross margin potential is much greater. In addition, our backlog today has much stronger expected gross margins than in previous years. I'm excited with our strong CECO product brand names and the improving demand for air pollution control products and services.  We are positioned well for the future of this global sector."

ABOUT CECO ENVIRONMENTAL

CECO Environmental Corp. is North America's largest independent air pollution control company.  CECO provides a wide spectrum of air quality services and products including: industrial air filters, environmental maintenance, monitoring and management services, and air quality improvements systems.  CECO is a full-service provider to the steel, military, aluminum, automotive, ethanol, aerospace, electric power, semiconductor, chemical, cement, metalworking, glass, foundry and virtually all industrial process industries.

For more information please visit the Company's website at http://www.cecoenviro.com.

Contact:
Corporate Information
Jeff Lang, CECO Environmental Corp. Email: investors@cecoenviro.com
1-800-333-5475
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